Goldman Sachs: Digital Bank Marcus Moves to Match Apple Savings Interest Rate

Goldman Sachs (NYSE:GS) provides much of the magic behind Apple’s (NASDAQ:AAPL) Fintech ventures. Not too long ago, Apple announced its anticipated saving plan, offering consumers an APY of 4.15% – higher than many banking firms. While few details are available on the success of Apple Savings, it was reported that Apple saw $400 million dedicated to its Savings feature on the first day – nearing one billion dollars within days of its launch.

Goldman Sachs, during its most recent earnings call, commented on its relationship with Apple and reflected on how Apple’s saving APY was better than Marcus – Goldman Sachs’ digital bank. At that time, Marcus was offering savers 3.90% APY. Goldman said during the call they were aware of the discrepancy between the two options and would adjust if there was attrition. As Goldman has just matched Apple’s interest rate – perhaps this has happed – or, alternatively, Goldman is just adjusting to the recent 25 bps rate increase by the US Federal Reserve.

Marcus also offers several high-yield CDs as well – including one that does not penalize the account holder if they remove their funds seven days after the funding date.

Another point in Marcus’ favor is Marcus Invest and access to online loans. Services Apple does not offer – at least not yet.


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